May 2014 Market Trend Data

Average house price in England and Wales now £172,035 compared with the peak of £181,518 in November 2007

987 repossessions in England and Wales during March 2014

Over 72,450 residential properties in England and Wales lodged for registration in May ranging from £7,000 to £39m

The May data from Land Registry’s House Price Index shows an annual price increase of 6.7 per cent which takes the average property value in England and Wales to £172,035. The monthly change from April to May shows an increase of 0.4 per cent. Repossession volumes decreased by 37 per cent in March 2014 to 987 compared with 1,560 in March 2013.

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 18.5 per cent

London also experienced the greatest monthly rise with a movement of 2.5 per cent

North East saw the lowest annual price growth with a movement of 0.9 per cent

Yorkshire and the Humber saw the most significant monthly price fall of 0.9 per cent

The most up-to-date figures available show that during March 2014 the number of completed house sales in England and Wales increased by 16 per cent to 63,587 compared with 54,708 in March 2013

The number of properties sold in England and Wales for over £1 million in March 2014 increased by 28 per cent to 840 from 657 in March 2013

The region with the greatest fall in repossession sales in March 2014 was the East Midlands

Region

Monthly change since April 2014

Annual change since May 2013

Average price May 2014

London

2.5%

18.5%

£439,719

East Midlands

1.5%

6.5%

£130,553

East

0.7%

8.4%

£188,580

South West

0.6%

4.7%

£180,265

South East

0.6%

8.4%

£226,334

England and Wales

0.4%

6.7%

£172,035

West Midlands

-0.1%

4.3%

£133,985

Wales

-0.2%

2.3%

£116,845

North East

-0.3%

0.9%

£99,319

North West

-0.5%

1.3%

£110,161

Yorkshire and the Humber

-0.9%

2.9%

£119,472

Average price by property type

Average price by property type (England and Wales)

May 2014

May 2013

Difference

Detached

£268,897

£253,896

5.9%

Semi-detached

£162,408

£152,821

6.3%

Terraced

£129,267

£121,873

6.1%

Flat/maisonette

£166,944

£152,857

9.2%

All

£172,035

£161,254

6.7%

Sales volumes 2013 to 2012

Month

Sales 2013 England and Wales

Sales 2012 England and Wales

Difference

January

43,386

43,783

-1%

February

45,246

44,874

1%

March

54,708

61,377

-11%

April 5

1,014

43,280

18%

May 6

6,289

52,559

26%

June 6

6,061

59,893

10%

July 7

3,651

59,179

24%

August

79,403

65,047

22%

September

69,811

52,895

32%

October

77,006

59,249

30%

November

83,126

63,992

30%

December

79,489

56,722

40%

Total

789,190

662,850

19%

Sales volumes 2014 to 2013

Month

Sales 2014 England and Wales

Sales 2013 England and Wales

Difference

January

65,010

43,386

50%

February

63,789

45,246

41%

March

63,587

54,708

16%

Repossessions by region

Repossessions by region

March 2014

March 2013

Difference

East

90

124

-27%

East Midlands

68

150

-55%

London

103

160

-36%

North East

30

43

-30%

North West

238

355

-33%

South East

115

197

-42%

South West

53

100

-47%

Wales

79

103

-23%

West Midlands

83

125

-34%

Yorkshire and the Humber

128

203

-37%

All

987

1,560

-37%

The Price Paid Data includes details of over 72,450 residential property sales in England and Wales lodged for registration in May 2014. The most expensive sale in May 2014 was located in the London borough of Kensington and Chelsea and sold for £11.5m. The cheapest sale in May 2014 was located in Scarborough, North Yorkshire and sold for £8,500.

Publication of the Transaction Data has moved so that it is now available on the fifteenth working day of the month. This means that the June transaction dataset will be published on 21 July 2014 at 11am.

The HPI uses a sample size that is larger than all other statistical measures available. It is calculated using Land Registry’s dataset of all residential property sales completed in England and Wales since January 1995.

Land Registry’s dataset contains details on over 18 million residential transactions. Of these, over 6.5 million are identifiable matched pairs, providing the basis for the repeat sales regression analysis used to complete the index. This technique of quality adjustment ensures an “apples to apples” comparison between properties.

The adjusted headline statistics for England and Wales on p14 of the monthly HPI report include additional repossession data.

The repossession data is based on the number of transactions lodged with Land Registry by lenders exercising their power of sale. Once we have identified these transactions, we extract the price paid information from the related register entry.

Although the HPI goes back to January 1995, we have only been recording repossessions comprehensively since 2006. This means that historic repossession data is not available prior to January 2006. See About the House Price Index for more information.

Price Paid Data is residential property price data for all the residential property sales in England and Wales that are lodged with us for registration in that month. The following information is available for each property:

the full address

the price paid

the date of transfer

the property type

whether it is new build or not

whether it is freehold or leasehold

Price Paid Data can be downloaded in CSV format and in a machine readable format as linked data. It is available for anyone to examine or re-use free of charge under the OGL.

As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Innovation and Skills, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.

With the largest transactional database of its kind detailing almost 24 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.